Grupo Mexico & Southern Copper Corporation: Straight from the Call

Research evidence excerpt

Grupo Mexico & Southern Copper Corporation: Straight from the Call

J P M O R G A N Latin America Equity Research

22 July 2026

Grupo Mexico & Southern Copper

Corporation

Straight from the Call

Grupo Mexico and Southern Copper just hosted their 2Q26 earnings conference LatAm Basic Materials

ACcalls. For Southern Copper, management emphasized a record financial quarter on Rodolfo Angele, CFA

stronger prices, while operationally Peru grades/recoveries remain the key swing (55-11) 4950-3888

factor near term. The company is leaning on Mexico plus its project pipeline (Tía rodolfo.r.angele@jpmorgan.com

María / El Pilar) to drive growth from 2027 onward. As for Grupo Mexico, the Tathiane Martins Candini

company highlighted interest in Brazil and Argentina as targets of investment to (55-11) 4950-4116

GMXT and reinforced their dividends and buyback strategy. For details on the tathiane.m.candini@jpmorgan.com

Banco J.P. Morgan S.A.

reported figures, please check: Grupo Mexico & Southern Copper Corporation:

2Q26 Results: GMEX and SCCO Beat JPM. More details on the call below:

GMEXICOB.MX, GMEXICOB MM

SCCO:

Neutral

• 2026 guidance holds despite the Peru headwind. SCCO guided to 917kt of Price (21 Jul 26): Ps208.97

copper, 27.9kt of moly, 24Moz of silver, and 163.9kt of zinc in 2026. As for

future years, management expects flattish volumes in 2027, 970Kt for 2028

SCCO, SCCO US

with the positive impact of Tia Maria, and above 1Mt post 2029. The overall

goal is to be over 1.6Mt of copper by 2033/34. Underweight

Price (21 Jul 26): $188.01

• Project execution underpins the re-acceleration story from 2027–2029.

Tía María remains on track for commissioning in 2H27 (assuming no delays),

with $1.8bn total capex; as of June 30 the company had committed $1.101bn